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02 February 2011

Pattern closes Hatchet Ridge leveraged lease Pattern Energy has closed a leveraged lease refinancing with Metlife and institutional investors on the operational 101.2MW Hatchet Ridge wind plant in California. The long-term deal, which includes an issue of $142.1 million in pass-through certificates, is the first leveraged lease transaction on an operational wind facility in the US in nearly two decades. The 19-year pass-through certificates have a coupon of less than 6%. A dedicated special purpose vehicle (SPV), the lessor, was created for the deal and funded with a Metlife equity contribution and the $142.1 million in debt from institutional investors, the lenders. The Hatchet Ridge plant was sold to the lessor by the project company, the lessee, in a sale-leaseback transaction. The lessee retired the remaining construction debt with the proceeds of the sale-leaseback. Natixis, UBOC, LBBW, Societe Generale and WestLB arranged the original financ­ing, valued at roughly $200 million, in October...

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